March 2, 2020 by The Canadian Press
VICTORIA – British Columbia’s NDP government wants to prohibit future governments from using profits earned by the province’s public auto insurer to cover other expenses.
Attorney General David Eby says the government is planning to introduce legislation in the coming days that would ensure any future surpluses remain with the Insurance Corp. of British Columbia.
Eby criticized the previous B.C. Liberal government for taking $1.2 billion in surpluses between 2009 and 2016 from the Crown entity, which he says eroded its financial stability and led to higher premiums.
He says ICBC’s profits should be used to offset premium costs.
The government also recently announced plans to curtail legal costs in the public insurance system by limiting the ability of injured people to sue at-fault drivers after a crash.
The NDP has said the change will lower premiums by about 20 per cent or an average of $400 in annual savings per driver.
This report by The Canadian Press was first published March 2, 2020.